Daymark Wealth Partners LLC Reduces Holdings in Garmin Ltd. $GRMN

Daymark Wealth Partners LLC decreased its position in Garmin Ltd. (NYSE:GRMN) by 13.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,764 shares of the scientific and technical instruments company’s stock after selling 1,079 shares during the period. Daymark Wealth Partners LLC’s holdings in Garmin were worth $1,412,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in GRMN. Vanguard Group Inc. lifted its holdings in shares of Garmin by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock worth $4,000,656,000 after acquiring an additional 357,458 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Garmin by 9.0% in the 1st quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company’s stock worth $404,329,000 after acquiring an additional 153,267 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Garmin by 79.3% in the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after acquiring an additional 700,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Garmin by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company’s stock worth $262,907,000 after acquiring an additional 211,731 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Garmin by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company’s stock worth $193,812,000 after acquiring an additional 2,768 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm’s stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the sale, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 15.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GRMN. Barclays restated an “underweight” rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a report on Tuesday, September 30th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Finally, Morgan Stanley increased their target price on shares of Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $228.75.

Garmin Stock Down 11.3%

Garmin stock opened at $220.10 on Thursday. The firm has a market cap of $42.37 billion, a PE ratio of 27.14, a price-to-earnings-growth ratio of 2.72 and a beta of 0.98. Garmin Ltd. has a 52-week low of $169.26 and a 52-week high of $261.69. The company’s 50 day moving average is $243.05 and its two-hundred day moving average is $221.35.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.99. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business earned $1.99 EPS. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, equities research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.